Rep. Crist's FAITH Act Gains Momentum

WASHINGTON, Aug. 23 -- Rep. Charlie Crist, D-Florida, issued the following news release on Aug. 22, 2022:

U.S. Representative Charlie Crist (D-St. Petersburg) released the following statement after Reps. Demings (D-FL), Soto (D-FL), and Lawson (D-FL) joined as cosponsors of the FAITH Act, adding momentum to the bill that would lower Florida homeowners' insurance premiums.

"I am honored to be joined by my Florida colleagues in this effort to lower property insurance premiums for Florida families," said Rep. Crist. "Homeowners insurance is now three times higher in Florida than the national average. Insurance companies are leaving the State, reducing or dropping coverage, and homeowners are paying the price. Over the last four years, rates have doubled. As the market teeters in the middle of hurricane season, we need an immediate and effective solution. And this bill will do just that - lowering insurance premiums and providing peace of mind, without costing taxpayers!"

"As the daughter of a maid and a janitor I saw how hard my parents worked for their home and their property, and right now millions of Florida families are looking at rising insurance rates and thinking 'how will I make this work?'" said Rep. Demings. "I've cosponsored this legislation to bring down your homeowners insurance because working families need a break. Big storms mean big losses for insurers. Big losses mean big rate hikes for working families. This bill is us stepping into the middle with a new firewall to stop the losses and stop the rate hikes and stop companies from passing on those losses to hardworking families."

Congressman Crist introduced H.R. 7643, The Fueling Affordable Insurance for Today's Homeowners (FAITH) Act, to provide a federal backstop to reduce the amount of costly reinsurance, or insurance for insurance companies, that property insurers are required to buy. Reducing costs for insurance companies and increasing the number of insurers in Florida will help solve the ongoing property insurance crisis and lower premiums for Florida homeowners.

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Original text here: https://crist.house.gov/news/documentsingle.aspx?DocumentID=2740